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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
OPERATING ACTIVITIES:    
Net income $ 31,500 $ 33,541
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 1,769 1,697
Amortization of premium and accretion of discount on securities, net 328 1,459
Amortization of restricted stock 6,309 4,391
Amortization of intangible assets 709 820
Amortization of subordinated debt costs 144 143
Provision for credit losses 3,209 3,824
Swap valuation allowance   673
Deferred tax benefit (4,475) (3,582)
Stock-based compensation and employee stock purchase plan expense 106 77
Fair value adjustment for equity security   1,157
Loss on securities available for sale   6,609
Loans originated for sale [1] (20,987) (49,372)
Proceeds from sales of loans held for sale [1] 24,155 71,909
Gain on loans held for sale [1] (1,739) (5,917)
Loss on disposal of fixed assets 6  
Increase in cash surrender value of life insurance, net (235) (281)
Decrease/(Increase) in accrued interest receivable 4,292 (1,879)
Increase)/decrease in other assets (3,137) 5,292
Increase/(decrease) in accrued expenses and other liabilities 2,071 (358)
NET CASH PROVIDED BY OPERATING ACTIVITIES 44,025 70,203
INVESTING ACTIVITIES:    
Principal repayments, maturities and calls of securities available for sale 316,474 201,282
Principal repayments, maturities and calls of securities held to maturity 2,161 3,570
Redemptions of FHLB and FRB stock 51,784 24,690
Proceeds from sales of securities available for sale   118,972
Purchase of securities held to maturity (10,347)  
Purchase of securities available for sale (300,887) (152,963)
Purchase of FHLB and FRB stock (56,514) (25,450)
Net increase in loans, net of participations sold (151,104) (348,766)
Proceeds from sales of other real estate 116  
Purchase of premises and equipment (1,378) (1,084)
Disposal of premises and equipment (6)  
NET CASH USED IN INVESTING ACTIVITIES (149,701) (179,749)
FINANCING ACTIVITIES:    
Net (decrease)/increase in deposits (6,667) 137,719
Net increase in short-term borrowings 105,830  
Dividends paid on common stock (1,773) (1,839)
Exercise of stock options, net of stock swaps 19 122
Restricted stock repurchased on vesting to pay taxes (3,258) (2,701)
Issuance of restricted stock 68  
Issuance of shares for employee stock purchase plan 577 487
Shares repurchased (7,567) (17,621)
NET CASH PROVIDED BY FINANCING ACTIVITIES 87,229 116,167
Net (decrease)/increase in cash and cash equivalents (18,447) 6,621
Cash and cash equivalents at beginning of period 190,075 146,804
Cash and cash equivalents at end of period 171,628 153,425
Cash paid during the period for:    
Interest 58,182 9,620
Income tax, net $ 3,323 6,224
Transfer of loans to other real estate owned   $ 116
[1] Includes mortgage loans originated with the intent to sell which are carried at fair value. In addition, this includes the guaranteed portion of Small Business Administration (“SBA”) loans which are carried at the lower of cost or fair value.